The State of Our Union Is Broke

Had I been asked to deliver the State of the Union address, it would not have delayed your dinner plans:

“The State of our Union is broke, heading for bankrupt, and total collapse shortly thereafter. Thank you and goodnight! You’ve been a terrific crowd!”

I gather that Americans prefer something a little more upbeat, so one would not begrudge a speechwriter fluffing it up by holding out at least the possibility of some change of fortune, however remote. Instead, President Obama assured us at great length that nothing is going to change, not now, not never. Indeed the Union’s state — its unprecedented world-record brokeness — was not even mentioned. If, as I was, you happened to be stuck at Gate 27 at one of the many U.S. airports laboring under the misapprehension that pumping CNN at you all evening long somehow adds to the gaiety of flight delays, you would have watched an address that gave no indication its speaker was even aware that the parlous state of our finances is an existential threat not only to the nation but to global stability. The message was, oh, sure, unemployment’s still a little higher than it should be, and student loans are kind of expensive, and the housing market’s pretty flat, but it’s nothing that a little government “investment” in green jobs and rural broadband and retraining programs can’t fix. In other words, more of the unaffordable same.

AdvertisementThe president certainly had facts and figures at his disposal. He boasted that his regulatory reforms “will save business and citizens more than $10 billion over the next five years.” Wow. Ten billion smackeroos! That’s some savings — and in a mere half a decade! Why, it’s equivalent to what the government of the United States borrows every 53 hours. So by midnight on Thursday Obama had already re-borrowed all those hard-fought savings from 2017. “In the last 22 months,” said the president, “businesses have created more than three million jobs.” Impressive. But 125,000 new foreign workers arrive every month (officially). So we would have to have created 2,750,000 jobs in that period just to stand still.

Fortunately, most of the items in Obama’s interminable speech will never happen, any more than the federally funded bicycling helmets or whatever fancies found their way onto Bill Clinton’s extravagant shopping lists in the Nineties. At the time, the excuse for Clinton’s mountain of legislative molehills was that all the great battles had been won, and, in the absence of a menacing Russian bear, what else did a president have to focus on except criminalizing toilet tanks over 1.6 gallons. President Obama does not enjoy the same dispensation, and any historians stumbling upon a surviving DVD while sifting through the ruins of our civilization will marvel at how his accumulation of delusional trivialities was apparently taken seriously by the assembled political class.

An honest leader would feel he owed it to the citizenry to impress upon them one central truth — that we can’t have any new programs because we’ve spent all the money. It’s gone. The cupboard is bare. What’s Obama’s plan to restock it? “Right now, Warren Buffett pays a lower tax rate than his secretary,” the president told us. “Asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”

But why stop there? Americans need affordable health care and affordable master’s degrees in Climate Change and Social Justice Studies, so why not take everything that Warren Buffett’s got? After all, if you confiscated the total wealth of the Forbes 400 richest Americans it would come to $1.5 trillion.